WEEKLY TECHNICAL REPORT

January 20, 2020

I Commodity I

MCX SILVER MAR MCX NICKEL JAN

Technical Outlook Technical Outlook

 Silver prices opened slightly lower in the last week
and prices fell further for first half of the week till
low of 45811. Later, prices recovered gradually for
the remaining week till high of 46970 and closed
0.3% lower on weekly basis at 46756.
 Nickel prices started the last week on a flat note and
prices fell gradually for first half of the week till low
of 1008.70. Later, prices consolidated for the
remaining week in the range of 1009-1056 levels and
closed 1.8% lower on weekly basis at 1024.

 Overall, prices have been rising gradually since last
1.5 months after taking strong support around 50%
Fibonacci retracement of its rally from low of 35826
till high of 51489, which is placed at 43657 level.
 MACD (12,26,9) is also on the verge of giving a
positive crossover on the weekly chart.
 Therefore, prices are expected to rise further from
these levels towards immediate resistance placed
around its recent high of 48925 and further towards
its last 6 years high of 51489.
 Prices have been trading in a narrow range of 1009-
1057 levels since last one month after bouncing from
its strong support of short term rising trend line
coinciding with its previous multiple swing highs near
969 level.
 Prices are expected to rise from these levels towards
immediate strong resistance placed around its recent
multiple highs near 1057 level and further towards
38.2% Fibonacci retracement of its fall from high of
1314.80 till low of 961, which is placed at 1096.15
level.

 On the lower side, immediate supports are placed  On the lower side, immediate supports are placed
around 46500 and 45500 levels. Buying on minor around 1009 and 977 levels. Buying around immediate
pullbacks is recommended in Silver for the week. support level is recommended in Nickel for the week.

Action Entry Target Stop Action Entry Target Stop

BUY Around 46500 48900 45500 BUY Around 1009 1057 977

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 WEEKLY TECHNICAL REPORT
I Commodity I

MCX ALUMINI JAN MCX CPO JAN

Technical Outlook Technical Outlook

 Aluminium prices opened slightly lower in the last
week and prices fell further for first half of the week
till low of 139.55. Later, prices recovered slightly for
the remaining week till high of 141 and closed
almost 1% lower on weekly basis at 140.55.
 Overall, prices have been moving in a falling wedge
chart pattern since last 1.5 years and have been
rising gradually since last 2 months after taking
strong support at its lower declining trend line near
128 level.
 Prices are expected to rise further from these levels
towards immediate strong resistance placed around
its upper declining trend line currently near 148
level.
 Crude palm oil prices opened lower with gap in the
last week and prices fell sharply further for the whole
week till low of 775.10. Prices closed 6.2% lower on
weekly basis at 785.90.
 Prices have corrected sharply in the last week from its
all-time high of 839.80 after 14 consecutive weeks of
rally.
 Prices are expected to correct further from these
levels towards immediate support placed around 23.6%
Fibonacci retracement of its rally from low of 491.30
till high of 839.80, which is placed at 757.55 level.
 On the higher side, immediate resistances are placed
around 800 and 827 levels.

 On the lower side, immediate supports are placed  Selling on rise is recommended in Crude palm oil for
around 140 and 135 levels. Buying around immediate the short term trading opportunities.
support level is recommended in Aluminium mini for
the week.

Action Entry Target Stop Action Entry Target Stop

BUY Around 140 148 135 SELL Around 800 758 828

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 WEEKLY TECHNICAL REPORT
I Commodity I

TEAM

ANALYST DESIGNATION EMAIL TELEPHONE

Monil Shah, CMT Sr.Technical Analyst – Equity & Forex monilshah@way2ealth.com +9122-61462980
Harish Jujarey Sr.Technical Analyst – Equity & Commodity harishjujarey@way2wealth.com +9122-61462981
Mohit Agarwal Technical Analyst – Forex & Commodity mohitk@way2ealth.com +9122-61462982

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